Fears about interest rate increases spark a selloff in the broad market early in the day, but it recovers somewhat in late-afternoon trading.
The ISDEX moves sideways as investors cherry picked the stocks worth owning (at least this week). Today’s snapshot:
25-Feb-99 | point change | % change | |
|---|---|---|---|
ISDEX | 299.58 | 0.07 | 0.02% |
NASDAQ | 2,326.82 | -12.56 | -0.54% |
DJIA | 9,366.34 | -33.33 | -0.35% |
- Amazon.com (NASDAQ:AMZN) climbs 8% after it acquires a minority stake in Drugstore.com. Amazon.com holds 46% of Drugstore.com’s outstanding shares as of December 31, 1998. We reported this but here’s the new twist–the 8% pop today in AMZN shares adds more than $1.5 billion to AMZN market value.
While we think the pharmaceutical market is big, delivering medicine looks like a riskier business than books. Books are good medicine too, but if medicine isn’t delivered on time, it’s a very different scenario than if the latest bestseller is a few days late in arriving. - Media Metrix, which leads the market in Internet audience measurement, files for IPO and wants to raise $48.3 million. It is another in the long line of offers that continue to flow, following behind theStreet.com and iVillage, who also filed recently. More on these Friday in my analysis of IPOs.
- Earthlink (NASDAQ:ELNK) gets a “buy” recommendation from investment bank Ladenburg Thalmann.